Problem: Positive real numbers $r,s$ satisfy the equations $r^2 + s^2 = 1$ and $r^4 + s^4= \frac{7}{8}$.  Find $rs$.
Answer: We have $2r^2s^2 = (r^4 + 2r^2s^2 + s^4) - (r^4 + s^4) = (r^2 + s^2)^2 - (r^4 + s^4) = (1)^2 - \frac{7}{8} = \frac{1}{8}$, so $r^2s^2 = \frac{1}{16}$. This means that $rs = \boxed{\frac{1}{4}}$.